CashFX Review: Offshore Broker Finally Vanished As Expected (2024)

Cash FX Group is an ex-trading firm that was registered in Panama. Since 2019, according to who.is, they have been providing FX and CFD trading services worldwide. But obviously, they were not successful at it.

Anyway, they stole enough money for themselves and vanished. Yet, there are always options to avoid similar scenarios. To find out more tips on safe trading and the benefits of AI tools, read our CashFX review carefully.

Company typeInactive offshore trading scam
Legal nameCash FX Group
RegulationUnregulated
Registered inPanama
Established2019
WebsiteCashfxgroup.com
Financial Authorities WarningsFCA, FCNB, Central Bank of Ireland
ContactsNone
If a withdrawal is possibleHighly unlikely
FeesHidden fees
If Active on Social Media:No
Investor Protection:None
Activity areasUnited Kingdom, Nigeria, Trinidad and Tobago, South Africa, Norway
Main threatsLack of regulations; numerous negative reviews; low possibility for a withdrawal;
Main perksNone

Legal and Regulation Details Revealed

CashFX Group is not one of those brokers that care much about honesty. Otherwise, they wouldn’t be marked as a scam by many trusted institutions. But even before these warnings, the company was not offering any kind of protection. Starting with negative balance protection, segregated bank accounts, or compensation schemes. Ultimately, that led to multiple manipulations over inexperienced traders.

After numerous complaints to authorities like FCA, FCNB, Central Bank of Ireland, and others, these institutions filed warnings against this firm. Consequently, this made the broker close out the business. Luckily, our CashFX Group review will help you recognize all the necessary scam signs in the future.

What Do Other Traders Think Of This Firm?

If you were looking for more reasons to avoid this firm, just check Trustpilot’s comments about them. There’s surprising 2123 comments and more than 40% of negative ones. Of course, most comments reveal withdrawal-related issues. Which are the most common among scam firms.

But another key aspect is that CashFX Group trading was all about manipulation. Whether with fees, trading platforms, or anything else. Luckily, there are so many complaints about CashFX company, so you can’t make a mistake that this firm is not the right choice for anyone.

What Countries Are Targeted?

If you check more cashfxgroup.com reviews, you will realize they don’t have any restrictions. From the East to the West Coast, anyone is vulnerable. Thus, most of the victims come from:

  • United Kingdom
  • Nigeria
  • Trinidad and Tobago
  • South Africa
  • Norway

But if you are one of those, don’t skip our Bitbinx review if you want to stay safe. Also, you will find out some benefits of AI tools as well.

Trading Software Available

Once you check any top-tier licensed firm, you will quickly recognize the quality of the software choice. Yet, bear in mind that the software is not the only factor that you should watch. For instance, you will see many illicit brokers offering highly trusted options like cTrader or MetaTrader.

But if you see a web-based platform with an unregulated firm, you better run. This is exactly the case with this company but many traders found it a bit too late. Not only did they not have any advanced tools or features, but the company controlled all of the existing ones. Practically, all prices and profits were fictive.

Other Mobile and Desktop Apps

Another key thing is that these companies very often use secondary tools, such as AnyDesk or TeamViewer. This way, they get control of the client’s device and wipe off the balance from their bank accounts.

Make sure to avoid that in the future. Moreover, there was a CashFX WhatsApp group with encrypted content and guides. Therefore, make sure to talk with the broker through transparent channels. For maximum protection and safety tips, check our Venus FX review as well.

Pricing Plans and Costs Involved In CashFX scam

One of the easiest ways to get some money is to offer education or additional tools. But with swindlers like this, this education only contains a fictive market specialist who is just upselling you. It’s not the proper way to do it. Especially if you have ever traded with a Tier 1 licensed firm.

Everyone understands that more money can always make more money. But with unregulated and unproven brokerage, that’s just a trick to extort more money from clients. For instance, this brokerage is doing that through three pricing plans:

  • Elemental – $300
  • Advanced – $5.000
  • Supreme – $30.000

Withdrawal Issues as The Most Common Problem

Generally, unregulated firms can write any T&Cs they want. But if they will comply with those, it’s hardly believable. After all, if they wanted to play by the book, they would be licensed, right? Nevertheless, this firm did not approve any withdrawals.

As it seems, they were using different excuses for that. Such as non-existent fees, taxes, verification issues, or anything else crossing their mind. Therefore, pay close attention to the regulations the company has. It can make a huge difference in the outcome of trading with a certain firm.

Final Verdict – CashFX Scam or Legit?

Generally, offshore companies are automatically suspicious due to anonymous registration details. However, if they have any Tier 1 licenses like FCA, BaFin, or ASIC, you can consider them reliable. But that’s not the case with CashFX Group. This leads to shady trading conditions, unknown fees, and withdrawal policies.

Another thing with offshore brokerages is that, very often, they don’t offer any advanced features. Especially not AI tools such as AI Analysis Tool, which have become very popular. Instead, you will be using an old-fashioned web trader. Be wise and start using the advantages of technology. To see it in action, feel free to contact us.

How Can I Make Money While Trading Online?

Trading online has never been more dangerous. With the development of cryptos and blockchains, everything is raised to another level. Therefore, experienced swindlers use that as an advantage over inexperienced clients. In general, that’s why we always recommend working with Tier 1 licensed firms.

On top of that, many traders crack under pressure. Scamming agents are often telling you what to do and manipulate your decisions. To avoid that, you can use highly popular AI tools like AI Analysis Tool.

This way, you ensure that nobody impacts your decisions or controls your money. Finally, you can make educated trading moves and maximize your results. To find out how it all works, feel free to contact our consultants. The first meeting is completely free.

FAQ Section

What Led To CashFX Collapse?

The main thing that made this company vanish was numerous warnings from trusted regulators and countless negative reviews.

What is CashFX?

CashFX is an offshore scam brokerage that was operating without adequate authorization from any reliable authority.

Where can I File a CashFX Complaint?

If you want to file a complaint the best option is to contact domestic regulators or any Tier 1 authority like FCA, BaFIN, or ASIC.

As a seasoned trading expert with years of experience in the financial industry, I've encountered various firms and platforms, both legitimate and fraudulent. My expertise extends from understanding market dynamics to evaluating the credibility of trading entities and their offerings. Let's delve into the concepts embedded in the article about Cash FX Group:

  1. Offshore Trading Scams: Cash FX Group is identified as an inactive offshore trading scam, indicating it operated from a jurisdiction with lenient regulations, making it easier to perpetrate fraudulent activities.

  2. Regulation and Registration: The article highlights Cash FX Group's lack of regulation and its registration in Panama, emphasizing the importance of regulatory oversight in ensuring the legitimacy of trading firms.

  3. Warnings from Financial Authorities: Regulatory bodies such as the Financial Conduct Authority (FCA), Financial and Consumer Services Commission of New Brunswick (FCNB), and Central Bank of Ireland issued warnings against Cash FX Group, underscoring the significance of heeding such alerts to avoid falling victim to scams.

  4. Withdrawal Issues and Hidden Fees: The article mentions the highly unlikely possibility of withdrawals from Cash FX Group, pointing to common tactics employed by fraudulent brokers to withhold clients' funds. Additionally, hidden fees contribute to the lack of transparency, a hallmark of illegitimate trading operations.

  5. Geographical Targeting: Cash FX Group targeted individuals globally, with a focus on regions like the United Kingdom, Nigeria, Trinidad and Tobago, South Africa, and Norway, illustrating the widespread impact of such scams across different countries.

  6. Manipulative Trading Practices: The article discusses Cash FX Group's manipulation of trading activities, including fees and trading platforms, indicating a lack of integrity and fair practices.

  7. Trading Software and Tools: Despite lacking regulation, Cash FX Group purportedly offered trading software to clients, albeit with fictitious prices and profits, highlighting the deceptive nature of their operations.

  8. Secondary Tools and Communication Channels: Fraudulent firms may utilize secondary tools like AnyDesk or TeamViewer to gain control over clients' devices and manipulate their accounts. Transparent communication channels are emphasized as essential for client safety.

  9. Pricing Plans: Cash FX Group employed pricing plans ranging from Elemental to Supreme tiers, potentially exploiting clients through upselling and fictitious market expertise.

  10. Educational Offerings: The article suggests that Cash FX Group's educational offerings were dubious, serving as a facade for upselling rather than providing genuine educational value.

  11. Withdrawal Issues and Excuses: Clients faced challenges with withdrawals from Cash FX Group, with the firm providing various excuses such as non-existent fees and verification issues, further eroding trust in the company.

  12. Shady Trading Conditions: Offshore companies like Cash FX Group often operate under opaque trading conditions, lacking transparency and subjecting clients to unknown risks.

  13. Use of AI Tools: Legitimate trading firms may offer advanced tools like AI Analysis Tool for informed decision-making, contrasting with Cash FX Group's outdated practices and lack of technological advancement.

  14. Recommendations for Safe Trading: The article recommends working with Tier 1 licensed firms and utilizing AI tools to mitigate risks associated with online trading, underscoring the importance of education and technology in navigating the financial markets safely.

By comprehensively dissecting these concepts, individuals can better discern the characteristics of fraudulent trading schemes like Cash FX Group and adopt proactive measures to safeguard their investments.

CashFX Review: Offshore Broker Finally Vanished As Expected (2024)

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